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20.12.2012 08:04

Stocks: Wednesday’s review



Asian stocks rose, with the regional benchmark headed for the highest close since August 2011, amid confidence U.S. policy makers will reach a budget deal and the Bank of Japan will add to economic stimulus.

Nikkei 225 10,160.4 +237.39 +2.39%

S&P/ASX 200 4,617.78 +22.57 +0.49%

Shanghai Composite 2,162.24 -0.23 -0.01%

Canon Inc., a camera maker that gets 27 percent of its sales in the Americas, gained 6.5 percent.

Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, jumped 6.1 percent on speculation the BOJ will add monetary easing tomorrow.

Whitehaven Coal Ltd. added 8.1 percent in Sydney after confirming it had held talks with China Shenhua Energy Co. while saying it wasn’t approached to buy assets from the company.

European (SXXP) stocks climbed to their highest level in 19 months as German business confidence rose more than forecast and optimism mounted that U.S. policy makers will reach an agreement on next year’s budget.

The Stoxx 600 climbed 0.4 percent to 281.63 at the close of trading. The equity benchmark advanced to its highest level since May 2011 after Standard & Poor’s upgraded Greece’s debt.

National benchmark indexes rose in every western-European market except Finland.

FTSE 100 5,961.59 +25.69 +0.43% CAC 40 3,664.59 +15.96 +0.44% DAX 7,668.5 +14.92 +0.19%

In the U.S., a Commerce Department report showed that housing starts fell to a 861,000 annual rate in November after gaining a revised 888,000 in October. Building permits, a proxy for future construction, rose more than forecast to a 899,000 annual pace.

Greece had its credit rating raised by S&P following the country’s debt buyback. The ratings company cited the determination of euro-area governments to keep Greece in the 17- nation currency zone.

S&P lifted the rating from selective default to B- with a stable outlook, it said in a statement yesterday. The new grade is the highest since June 2011 when the ratings company lowered the country to CCC from B.

HSBC gained 2 percent to 653 pence, contributing the most to the Stoxx 600’s climb.

Stada advanced 5.4 percent to 23.98 euros. Platow Brief reported that India’s Sun Pharmaceutical Industries Ltd. and an unidentified U.S. company may make bids for the German generic- drug maker. HeidelbergCement AG (HEI), the world’s third-largest maker of cement, gained 4.9 percent to 46.24 euros. MainFirst Bank AG raised the stock to outperform from neutral, meaning that investors should buy the shares. MainFirst predicted that the company will regain an investment-grade credit rating next year.

Bunzl Plc (BNZL) slid 4.3 percent to 1,020 pence. The company acquired McCordick Glove & Safety Inc. in Canada and Atlas Health Care Pty Ltd. in Australia. It didn’t provide any financial details for the two purchases. Seymour Pierce Ltd. cut the stock to reduce from hold, meaning investors should sell the company’s shares. The brokerage said Bunzl’s results have missed estimates.

Major U.S. stock indexes were under pressure today, falling at the close of trading below two-month highs.

The pressure on the indices today have reported that the White House in the United States rejected the proposal of the Republican Party to address the budget issue.

Representatives of the U.S. President said today that Obama would veto a plan to raise taxes, Republicans called "Plan B", which offered House Speaker John Boehner.

Thus, one message indicating the problem with the solution of "fiscal cliff", completely blocked the positive, which was observed before the opening of today's session. This underlines the fact how important is the issue and that the main focus of market participants is directed specifically to the problem of "fiscal cliff", everything else is secondary.

Most of the components of the index DOW show negative growth (24 of 30). Below are the rest of the shares General Electric Company (GE, -3.00%), which provides the pressure on the premises of their credit rating in the list for review. The leader at the moment are the shares United Technologies (UTX, +1.18%).

Sector of the S & P show mixed trends. Leading conglomerates sector (+0.5%). Below is the rest of the health sector (-0.8%).

At the close:

Dow -99.06 13,251.90 -0.74%

Nasdaq -10.17 3,044.36 -0.33%

S & P -10.98 1,435.81 -0.76%

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